Good morning, everyone. We will now start our presentation of our results for the second quarter of 2026 of MDNE. I am Alan Aquino, and I am presenting the results today with Diego Villar, the CEO of the company, Diego Wanderley, the CFO, and Diogo Barral, the Director of Investor Relations. To make any questions, we will use the same dynamic. When you make your question, please use the raise hand function. However, if you want to write your question, use the Q&A function, which is at the end of this presentation, it will start the questions and answers.
I would also like to remind you all that any declarations that can be made during the pre-conference are based on premises of the directors of MDNE. Future considerations are not guarantees of support of results as they involve risks and factors that may or may not occur. Having made the disclaimer, Villar please go ahead.
Hi, Alan. It is a pleasure to be here with you. For the majority of us, I am going to mention one of the principal operational indicators and financial indicators. On my letter from the administration, the message that we sent to you, we mentioned the record of net profit of the company. But what the most important thing is, in our perspective, less than the record itself, is that at the beginning of last year, we said that the company had a potential to change from to a level to reach operating numbers that will shortly be reflected in the financial numbers of the company. And we would like to realign these expectations with you.
What makes me satisfied is to know that during this quarter, and since the first quarter of 2025, we are delivering results that we had signaled to the market. We have done this with a great deal of discipline, and at the same time, we grew the company, bringing to you performance results and financial results which are better than those which we have been delivered up until the end of 2024 and the beginning of 2025. Those who follow the real estate market know that it is not easy to be improving the indicators of financial results. We have been able to do that with a huge amount of discipline in our cash management, and the development of products, and the commercialization of this.
But more important is the actual execution of these projects, the construction work, which is we are watching our margins, bringing Moura Dubeux to a company extremely predictable, with much less than the importance of the size is the capacity to be trustworthy and deliver results which place us on a level among the best developers in Brazil. So that is why I think the most important thing and what we have been seeking for is the confidence and credibility and predictability for you, that what we bring as a signal is what we will perform. Looking at the principal points, we have launched approximately BRL 1 billion in the second quarter of 2026.
When we look at the year-to-date 12 months, we look at the BRL 4.6 billion in the last 12 months, 82% came from the condominium market, approximately BRL 3.8 billion, and 18% in the development model, which is basically a liquid of BRL 855 million. Since the beginning of this year, we have been signaling a range from between BRL 4.5 billion and BRL 5.5 billion of launches and sales per year. When we look at BRL 5.5 billion, we brought the Ún1ca with BRL 2.5 billion, Mood with BRL 1 billion, and the rest being complemented by the closed condominium model with the Moura Dubeux brands. We still do not have this configuration. We started this year to present these projects for Ún1ca, but this showed itself to be in a balanced way starting next year.
However, we are following exactly when I open the presentation, disciplined and very confident that which we have been telling you, that we have been sharing with you, is what we have been delivering. As far as Moura Dubeux is concerned, what we are able to administer and our limitations is that we are able to do that better than the expectations that we are creating, where I would be the market demand and the conditions that run, which are not managed by us. We have always had a scenario which was more challenging for the country, and we have been able to navigate well with this caution when we look at the macroeconomic demands for mão de obra and that which could interfere in the results, and which is not under our direct management.
When we look at the sales level, we sold exactly what we launched, BRL 1 billion in sales contracted just during the second quarter of 2026. We look at the last 12 months, including this quarter, we reached the level of BRL 3.8 billion, BRL 2.7 billion in the model of condominium, and 72% and a little more than BRL 1 billion, 28% in the development and corporation model. More importantly, I would say, than these openings in this mix is the quality of our VSO. We have been going for five straight quarters performing between 51% and 56% of VSO. Reinforcing again, more important than the level of sales and launches is the quality that we have. We maintain a strong VSO.
We have started the third quarter in the month of July, isolated way, which was better than in between January and April, comparing it to the previous months, the quarters immediately before the second quarter. July is the best beginning of a third quarter, which does not remove from us our caution or our concern, which we have with demand, the quality of our sales. We try not to make any type of discount in our mix of products. We even may open, if there is something I have not seen yet in something of sales velocity, do not hurt our margins. However, the VSO, up until this point in time, as a comparison, is moving at the same rate and the same level, which for us is more important than the number of products or the VGV that is launched.
What is most important is that the margins that we have been able to reach. The revenue, Wanderley is going to talk in more detail. I will bring a few highlights. We reached BRL 731 million net revenue just in the second quarter, and more than that volume is the gross margin hitting 39%, which when we adjust that, it becomes over 40%. That is what I have been saying since the opening of the meeting here.
The quality of the financial indicators of the company, which we guided in beginning of this year, growing and improving our performance. This is a very extensive work that we do in the product mix and in regional diversification. But more important than that is the reflection of our brand with the same quality and our engineering, able to produce all of that and still maintain the performance within the predictability that we seek.
We close the deal, launch a new one, and continue with you. For the year, we reached BRL 2.6 billion in revenue for the year in the last 12 months. In the last 12 months, it is BRL 2.61 billion. BRL 1.6 billion from condominiums and BRL 37 million, almost BRL 1 billion from the Mood. Hardly anything from Ún1ca here yet, but we should see a participation from Ún1ca, a small participation going forward. Net revenue, BRL 174 million just in the second quarter, was a record for us .
It is good that we have been able to reach this level, but I also highlight that it is a company which is still prepared and protected than it was 18 months ago or 24 months ago, due to the capacity we have had for diversification, the strength of our brand in the 17 markets in which we operate, and the product mix that we have been able to balance correctly.
With the introduction of Ún1ca, as well as the Mood brand, which we hope to move in the next quarter, we have been able to have a company that is more stable when we look at the medium to long-term due to the risk factor based on product lines. This is the most important. We have a net margin of 24% net profit in the last 12 months of BRL 559 million.
We have been giving guidance for something close to BRL 600 million of net profit for 2026. Last year when we talked about that, we would change that level. We spoke about BRL 400 million for 2026, high BRL 400 million. Now we are talking about BRL 600 million or high BRL 500 million or BRL 600 million. Here, showing that this is the performance, that the company is doing well with great discipline, very great focus on what we have predisposed to do.
This year, we are doing very well. The average return on equity is 28%. It is probably among the highest in the upper class market. So it is a correct way for us to look at the capital, looking inside with this level of profitability, almost the double of the average interest rate of the country today. We have cash generation of BRL 27 million in the second quarter. It is a company basically unleveraged, only 2.5% of net debt compared to net equity. This is important in times of high interest rates as we see this. We consider this always our plan to be the company that has low debt, low leverage, and shows how much we have the freedom to make the best decisions in the allocation of the company's capital and in the strategic decisions. In this line, this is where we continue guiding the company.
Here, looking just a little bit more at the third quarter. We have already launched in the third quarter, at the end of July, a Beach Class in Maceió, in the Alagoas capital, a product, a closed condominium, almost BRL 5 million of VGV net. We launched the Infinity Novo Cais with the stay of Novo Cais of BRL 277 million. It is a project which closes the cycle of launches of the Novo Cais, the Newport project, since last year.
We have gone back to Lucena Plaza, Beach Class Novo Cais in Morro do Bait Corporate, and it closes here, consolidating all of these launches between 2030 and 2032, all of that entire neighborhood, which everybody has seen here in bairro, which we show in a model that we have here, which will be a model and a whole new neighborhood that we are building in Estevão. The construction is underway.
The only one that is not under construction is one we just launched. However, due to the sales performance, we should probably already be building it this year, starting on the construction. So we have concluded our cycle of launches in the region, showing, in fact, our capacity for real estate development. In Fortaleza, we had a picture last year of the Macêdo's in the heart of Meireles, the best bairro, launching a Beach Class in the Casa Macêdo. Today, looking at this part called Vert Macêdo, a project of closed condominium, four launches, all enclosed condominium models. We also have projects that are prepared, Mood, Ún1ca. During the year, we feel very comfortable from the standpoint of legalizations and products that we can launch what we have been guiding you. Approximately BRL 5 billion if the market is as it was in the first six months.
We could probably even get a little bit above that. More important than the size of that is the quality. We have been filling the market products by product. The month of July closed, and there is no thought, nothing that leads us to believe otherwise, as I have been talking with you over the year. In any event, we need to have the maturity. We cannot be naive. We have to maintain these lessons, and there are certain uncertainties that help us to be cautious, but it is no different than what we have seen and guided you about this subject. BRL 3.2 billion is what we reached in launches up until the 31st of July for the year. If you add this to the projection of the year, it will give that BRL 5.5 billion. It is not a formal commitment. It depends on the market.
However, we are very well prepared and confident for that number. I am going to pass it now over to Diogo, who is going to talk about our financial numbers, and I will come back at the end for any questions you might have.
Good morning, everyone. Thank you for your participation in our call. I am going to quickly pass through a few operational indicators that we consider relevant and that have, in a certain way, passed this security for the administration that Villar has mentioned, that we continue strongly with our plan for 2026. Starting with the launches in the second quarter, we launched BRL 1.2 billion, a fall of 46% when we look at it year-on-year, and a reduction of 22.6% in relation to the previous quarter. In the graph on the right, we see a vision of the accumulated for the first six months.
The company launched BRL 2.3 billion. It grew 2.5% in relation to the first half of last year. In the same vision of sales, we sold BRL 1 billion, a follow-up of almost 15% in relation to the year-on-year, in line with what we projected for sales in the first quarter of this year. The vision of the first six months of the year, the company accumulated BRL 2.032 billion and grew 17% in relation to the first semester of 2025. As I mentioned, these are operational indicators that we have observed closely. First, we talk about cancellations, which is at a very high level, very healthy level, representing only 6.7% of our gross sales. We also explained a number, eliminating from that number the exchange of ownership or migration to a different type of unit.
This indicator falls even more and with cancellations goes down as 3.6% of our gross sales. That is where we understand, in fact, true cancellations that the company experienced. Now we are talking about the VSO, 51%. It is worth mentioning and reinforcing here a lot of resilience in our sales and the quality of our sales. It is the eighth consecutive quarter in which we presume a VSO over the last 12 months above 50%. We look at this indicator, it is focused on the launches, it is still higher. The VSO of these launches is in 55.7%. I think that we have a very healthy cancellation, a VSO that is resilient. To complement, we bring our stock, our inventory of another indicator which we have looked at carefully. The company closed the second quarter with BRL 4 billion in market value of stock.
An important point is we have been able to reduce our volume of ready-to-move-in stock with BRL 100 million in the first quarter, in the second quarter. Even with the company doing its chronogram of deliveries, we are able to see that deliveries have been selling very well, close to 100%. Our stock of ready-to-move-in is only 2.7% of our total inventory. This indicator is of 3.5% at the end of the first quarter. We are always looking at our indicator of stock coverage. If we stop launching anything today, considering our sales during the last 12 months, within 12 months, we will be completely wiping out our stock of apartments. We also closed the quarter with 60 plots, with BRL 11.8 billion in potential sale.
We show here that only in this region, our position of leadership contributes greatly so that we are able to get the best properties, which will bring good returns down the road. This BRL 11.8 billion we always seek to be working with whenever. It is not always possible, but we always try to work with the acquisition of these properties via swap. Of these BRL 11.8 billion, 77% were signed up via swaps, and only 23% in money, cash. 69% , nine products, many are in, 28 are in incorporation development models. To close our chronogram of deliveries here. In the year to date, we have delivered six projects. Two more end of the second quarter. We accumulated building six. We started the third quarter with the delivery. We have already done two deliveries this month, in July and August.
And with that, we have eight more projects to be delivered during 2026. I am going to close the operational part and leave it with Wanderley, who is going to talk about our accounting numbers.
Good morning, everyone. Let us start with the financial highlights. With the net revenue, we delivered in the second quarter BRL 731 million, growth of 10% in relation to the first quarter of 2026.
When we look at the cumulative year to date, the first half we delivered BRL 360 million, 26% above the first quarter of 2026. So the biggest participation in the condominium and the operation has been growing. The adhesions has been growing, the sign-up fees have been growing, and the land that we have been recognizing have brought this result of revenue higher when we look at it year on year. We know that it is still not a level of revenue that is stable.
This revenue will grow, and it will have important growth when we talk about from one year to the next. Looking at the gross revenue, we delivered BRL 294 million. Here, adjusted by capitalized interest in the second quarter, almost 30% growth. And when compared to the last quarter, a growth of almost 12%. Gross margin was 40.2% for the first quarter, and a little bit below the margin in the first quarter due to the mix of revenues which we discovered in this quarter. We have BRL 567 million, approximately 41% higher than in the important growth in the profitability, which came also due to the gross margins which reached, adjusted by capitalized interest, 41%, gaining six percentage points in relation to 2025. Sixty percent of this revenue comes from condominiums, 31% came from incorporation. From the gross margin is 36%, and adjusted, the condominium model is 46.9%.
Looking at the commercial and administrative expenses. On the left side, commercial expenses, selling expenses. We delivered BRL 62 million in the quarter, very much in line with the last three quarters. However, as a percentage of sales, we reached 5.7%, which is still a low percentage. This is what we report in viability, which is 7%. So we continue to be very competitive. Differently from the commercial expenses, we have been able to deliver a representative below what we have budgeted. As far as administrative expenses, we delivered a growth important BRL 42 million in the quarter. This is 3.8% of sales and 5.7% of revenue. We started the provision in this quarter, as well as provision in the last AGO, which brings an increase in the administrative expenses, which has an effect on the results.
But the cash effect will only be at the end of the program, which is a five-year program. So up until then, we will be provisioning these payments, which will be in shares. And with that, we will have an increase over the course over the next two years. The number is still very low when we look at it compared to the size of the revenue of the company. We are talking about a low level of 6%, and again, it is below that which we consider reasonable. We budget 6.5% in our viability studies. So we still have space here in our expenses. Following to the EBITDA, adjusted EBITDA, we delivered BRL 179 million in the quarter. We accumulated in the last 12 months, BRL 615 million in operational revenue. When we look at just 2026, BRL 326 million 56% above that in the first half of 2026.
Again, important gain in the EBITDA margin with the leveraging of the company operationally translating into results, gaining 5.5 percentage points. The EBITDA margins wound up at 56.5%. All of that resulted in net revenue in the quarter of BRL 174 million. In the last 12 months, we have BRL 559 million, BRL 560 million for the year at a level of BRL 329 million for the year. 73% growth in relation to the previous year. Important growth, and which for us is even more important are the indicators of net margin and return on capital. It grew by almost 7%, and we delivered 24.2% in the accumulated of the year. The return went to the level of 28%.
As we see, all of this added to a low level of leverage, and we've been able to differentiate and deliver returns, differential returns for our stockholders, remembering that we still have the level of operations, which the results should grow. We have space here for this return to run near 30%, which is what we're looking at the moment. On the left-hand side in corporation, we had a slight increase, 7.5% approximately. We closed with BRL 468 million of profit. The margin also grew 1.5% to 0.5%, which shows an increase of the Ún1ca and the Mood brands into our results. So this is very positive for us because a large part of our future results are already contracted. On the right-hand side, on the condominium side, we had a small fall of 10%, a small reduction.
We closed the quarter with BRL 36 million, and the margin is in line of 28.9%, and the administration fees grew 7.7%, totaling BRL 476 million, BRL 467 million with the recognition of the condominium growth which has come from the operation which has been growing. To close the financial numbers, we're going to bring the cash and debt levels.
For the quarter, we had a generation of cash of BRL 27 million. We closed the second quarter with BRL 56 million in net debt, which is 2.5% of our equity. It's important that we, in the second quarter, we did an anticipation of receivables from the torna. We had access to this portfolio to have this generation of approximately BRL 150 million. With that, we close the financial numbers, and I'll pass it back over to Alan Aquino for any questions and answers that you might have. Thank you, all.
Okay, we'll now start our question and answer session. If you would like to speak your question, please use the raise hand, or if you prefer to write it, use the Q&A function. The first question comes from Gustavo, from BTG Pactual. Gustavo, please go ahead.
Hi, everybody. Good morning. I wanted to touch on two subjects here. The first, the monetization of the receivables from the torna. If we look at the accounts receivable, we see there's almost BRL 1.5 billion of receivables from the sale of land on the balance. I want to know how you evaluate these first sales and what rhythm do you expect to monetize this mountain that's still on the balance sheet. Secondly, when we will have the option of this change, so the estimate that changed it between 10% and 15% of net debt to EBITDA, net debt to equity.
Second question is if you could give us a general overview of the three principal markets in Northeast, in which you operate Salvador, Fortaleza, and Recife, more from the high level, the high luxury market. How do you see this evolve, the dynamic in these three markets in terms of demand and offer, supply and demand, stock and availability of property, and if there's any preference on the part of the company between these three principal markets? Just these three questions. Thank you.
Hi. Hi, good morning. Let's do this one at a time. First, about the torna. It's a technical term which we use in the market. It's an anticipation. In my vision, it's not an anticipation, and I'll explain why to give you some context of our strategy in relation to that subject.
The asset, the torna asset, is a plot of land which is sold by Moura Dubeux to the condominium. It's an asset that is already performed. There's no return to be done. We put a payment period in fixed payments in the contracts of the condominium owners. So that in the flow of their quotas included is the payment of the land, the building, and our administration fee. But the contractual structure, I am the manager of the cash account of the condominium, and I am also the decision maker of who would be paid first so that the project in that period of time, 5 years, 4 years, each one has its deadline, will be delivered on time. Remembering that late payments do not bring any financial, only habitational, because the condominium should live on its own cash flow. Moral-based guarantees, the delivery dates and so forth.
However, the rigor, the contractual rigor, I can use 100% of these initial assets for the payment of this property. Even so, the first payments will not be enough to pay for the entire property. Having the sale with almost zero risk of non-payment, I'm the manager who makes the decision of who pays first, and at the same time, we can utilize these resources to always prioritize the payment of this land. So it's clear that since there's no possibility of paying this in cash, we sell it in payments to the, we finance it to the condominium owners. It goes into the receivables of an asset which is performed, which no longer brings me any expenses on my balance sheet, and the profit has already passed on my balance sheet. The person buying it has no risk. Why is it important to explain this?
My desire and ideal would be that I have, at one end, the market which is educated to purchase this receivable in a level of discount that is so low that the guarantee that exists that the land, the receivables, it has a very low profit probability of not performing, so that when the profit comes into our financial statement, the cash comes along with it and we do the operation as we sold property and we receive the money with no liability that needs to be performed. The first thing that we did, as Wanderley and his team had the competence to set up, had a discount, which I don't want to retreat that as a recurrence for all of the as tornas. And then we add to this cost an opportunity cost for the company which justifies, and we do this.
However, having done, first of all, and educated the market, there's the second exercise which I'm also involved directly, which is to have anyone who purchases or does this financial structure to understand this so that it generates this constant recurrence. I do not have this yet. We do not yet have in a conservative way, we haven't foreseen any anticipation of torna this year. However, my desire that is in the medium to long term, we do things that way. We're going to do this. It's going to depend greatly on what I just mentioned to you, how the, and if there will be any type of discount to do this. If anybody wants to stay with the correction, this is something which is maturing, and I have no premise closed to be able to pass to you.
The fact is that it's an asset which is performed, it's passed through the financial statement in the short term and a very high quality. The second point which you've pointed out to me again about the performance in these different cities, I can also give you the vision up until today. A company like us to go forward and make the right decisions going forward, however, even more in an election year, and we don't even have a certainty what are the possibilities of the economic policy which will be running the country. Up until July 31, we performed very well. Products have had excellent acceptance. The VSO company has been maintained. The cancellation is at the same levels that they were in historically based on the recent performance of changing our perspective. And it's very linear, city by city.
And I'm saying this in the medium to higher level properties, the luxury properties. Salvador this year has a performance which is above Recife and Fortaleza. But it's not that Recife and Fortaleza fell, it's because Salvador grew. We made the following launches in time said. We had the Beach Class by at the beginning of the year. We had the Monte Verde also at the beginning of the year. So over the last few months, they have been able to have a sales performance which is above 80% in very short period of time. There's the Salvador 220, which we know as the Pestana, which the market has been working with for a long time. We hadn't launched it due to a judicial question, which we have been given some visibility to, and that favored that place. But Fortaleza is a clock.
Every week, every month, they have the same consistent sales performance. Recife, we were very strongly impacted, positively impacted by the Novo Cais, which in the recent, in the last 18 months, has been responsible for excellent results here. And just see this. But before that, we had to see that when we did our homework and closed good properties to be able to have this performance. So I would say that in the dynamic of these three capitals, it's a market whose performance is very similar to what it was a year ago. We have no product which at the moment brings us any points of attention or concern. But again, we're monitoring the market, the political issues, the indicators which could lead us to any type of concern. And, as our IR, Diogo, we have constant contact with you.
Whenever this changes, the winds change, you'll be the first to be informed. Basically, we could hold up any launches if that happens. It's not on our radar now. We're working right now, and we'll be in conversations with you, but the caution is always part of our dynamic here. This comes from your concern as well. If you look at a very interesting bit of data here. We did a follow-on in what? February? In the end of January, we did a follow-on, and the price of the share was BRL 25.
At the time of the allocation, my cellphone never stopped ringing. Everybody wanted an allocation. Now it must be around high 23, 24. I'm not watching the screen right now. Where is it? Everybody wanted to allocation at 25. This negative dynamic which has come a little bit from Faria Lima due to the coverage that you had to give going forward, but we've been very optimistic understanding that our market has a dynamic. Different dynamic.
Okay. Thank you, Villar. Next question comes from Matheus Meloni. Matheus, your mic is open. Please go ahead.
Thank you very much. Thank you for the space here. On my side, I have two questions. First, you've set up a portfolio, very iconic in Salvador, with the Pestana Othon Palace, and more recently, the acquisition of the site of the Correios. I want to understand, how do you see this strategy, the post office building, how do you see this strategy going forward because it's better than other cities, other markets, or it's more specific about Salvador? Or can you give us any more detail what you're thinking about the projects on this property of the old post office building?
The second question, which I think is connected to that, to understand a little bit the question, the trade-off between doing a retrofit of a property like that or starting a new project starting from zero. Looking at the complexity of the construction, the timings of execution and delivery, and at the end of the day, what is the viability if it's positive to do this type of retrofit or is it a question that's specific of a certain property that you have purchased? In this case, the question of the post office. So those are my questions.
Thank you, Matheus. Thank you. Okay, let's go. Salvador, you said very well.
We had the Othon, and shortly after, we had the Beach Class Salvador, and then the Pestana, which became the Cyano. In Recife also, we had the Lucsim, and we have the Infinity Novo Cais. In Fortaleza, we also had similar buildings. I don't have one product that's better than the other. They're very similar in each one of the capitals in which we operate, especially in the three largest capitals. We talked about this dynamic of Salvador. In Recife, we have the Novo Cais, and we have property that's very well located in Boa Viagem to be able to do these launches shortly. I spoke a little bit about the launch of the Vert, closing that window. It's very well located, better located than that one. Two pieces of property on the Praia de Iracema. Almost BRL 12 billion in land bank.
I think over time, we have shown what our development team, our real estate development team is more than competent to prepare not only to prospect but to develop products which have a good performance for commercialization and margin, but also reinforce the brand of the company as that which does projects, unique projects in the northeast. This is not my concern right now, having seen the performance of the company and what we're working on in the next three years in the company. I do not have this concern. In relation to the case of Salvador specifically, the building that we purchased from the Correios, we treated as a 35,000 square meter property, almost BRL 2 billion of VGV. It is not a decision for a retrofit. That building will be imploded on a Sunday with all the safety that is required.
We are studying, and we have got extensive lists of approvals all the way to the army to get approval. In that property, we have a development of four or five new developments. What decides if we do a retrofit or in a case like this, or an implosion or a demolition, as in the case of the Monsenhor Serra in Fortaleza, where we bought a hotel in operation. It had not been abandoned, and we are demolishing it one step at a time in a mechanized solution. The construction potential of each city. In the case of Infinity Novo Cais in Recife and Lucsim of the Pestana, we had limitations, urban or environmental limitations, which the demolition would not help us to build the same potential with the maintenance of the current asset. Then we make the decision to retrofit it.
Or some type of as in the case of the Moinho Recife, do a refund. Always, prior to the acquisition, a study is done, which guides us if it will be a retrofit, if it will be a mechanized demolition, if it will be an implosion. What is the potential to exploit that property in terms of private area, and also in terms of environmental approvals, historic approvals, and at the same time, the quality of the product for our clients. It could actually happen that there would be a reduction in the construction, potentially with the demolition, but the product would add so much to the price that it still does not make sense. So it is an exact science of always being the same way to make decisions.
It is an exact science in the variables which take us to the end of the equation with the best decision for our client and for our stockholder.
Very good. Thank you very much.
The next question is from Mariangela Castro from Itaú BBA. Mariangela, go ahead.
Good morning, everyone. Thank you for the presentation. From my side, there are two sides I wanted to explore a little bit the margins of incorporation, and how do you see the difference in the gross margin of the projects of Ún1ca and Mood? What is your perspective regarding that? The second question is, we noticed an increase in the closed sales in the condominiums in this quarter. I want to understand if this is opportunist or if this type of sale is becoming more advantageous for the consumers in the region.
Thank you, Mariangela. I am going to answer the second part, and Wanderley will answer the first part. As far as the increase of closed sales, it is natural. We have had a higher mix of condominiums in our portfolio. At a certain point in time, there is an evolution of the project. It is easier for some clients to adhere to the closed sale, even paying a higher total with the accumulated numbers rather than in the pure condominium product. It is important to mention here that we place in our viability studies that a condominium project should be sold in 70% or 80%, and in close sales, 20%- 30%, depending on each case. On average, even considering what you just told me, we are below half of that.
That means that minimizes the exposition of cash of the company nominally, the possibility of profitability is smaller, but this favors greatly the VPL of that project, and that is why we are putting less than half of the capital that was foreseen in the viability study. It is not a concern, it is a natural tendency that it would run in the orbit of closer to what we put in the viability because of the phases that are simultaneously happening as the things start to get close to being ready. As far as the margin of Mood, I am going to let Wanderley answer that while I take some water.
Hi, Mari. Thank you for the question. Speaking about our margins, we see today Mood running in the neighborhood, stabilized with a gross margin of 33% and Ún1ca with a margin of 36%, and has a higher margin than Mood.
Logically, this will happen as these projects advance and as the portfolio advances. In our composition of margin, we still have a leftover, a number of projects, 26 and 20, but of higher level buildings. This is ending, and I believe that by the end of this year, of 2026, we will not have any more of this stock on hand. Starting next year, we should see an increase in the looking for 32.3%. As Ún1ca starts to participate more in this segment in a more stabilized way, this margin could grow a little bit. That is the dynamic that we should have for gross margin increase. You did not ask, but in the condominiums, it is also very stable. We see that there is a variation quarter by quarter, but it depends greatly on the way in which we sign the contract or the condominium.
When you look at a stable level, it runs around a very reasonable level of margin. In the consolidated data, we can understand that this margin that we have been passing along in the last quarters can be maintained and possibly even increase slightly looking at the medium to long term. I think that was very clear.
Thank you very much. Just one more about these closed sales. In the release, you mentioned that some of these sales were due to launch of condominium. What specific project was that?
Every condominium that we launch, we open the sales in condominium and the closed sales, both price lists. The closed sale is a little more expensive at the beginning. In the Casa Macêdo, we opened it up there. Uberto, we opened up that way, too.
It is natural in its first moment that these sales will be no longer pushed by the condominium in the first moment. The closed sales happen more after the first year in terms of volume. If I could add also what we had in this quarter, but we have every quarter, but in this quarter it was even higher. Some of the condominiums, which are only for investors, which was the Salvador 220 and the Beach Class in Fortaleza. The Massangana Beach Class, they had some sales where the client paid a 12-month payment close for a closed price. The volume was not so big, but since the number of closed sales is low, very few sales that happen in a quarter make this effect of growth.
Remember at that point, that was one of our commercial strategies, the product 220 brought investors wanting to pay cash or in the short term, the unit in the condominium. It does not make any difference to us. We do not give any discount for anybody who pays up front. You pay the value of the quarter, on the next day there will be a correction. So for us, we took some units, added to their price, and made cash or in 12 payments. However, that was just to not lose these investors and have the perception that he was acquiring a better condition. It was a commercial strategy. We had more than 600 units that were sold in that plan under that.
Okay, thank you very much. Next question comes Herman Lee from Bradesco BBI. Herman, please go ahead.
Thank you. Villar and Wanderley, thank you for this space. Two questions I want to ask. First, an update on the partnership with Direcional. How is the pipeline with them for this year? Has there been any changes? The second is to understand the dynamic on the P&L of how much of this torna is passing. In my understanding, you sold with a lot with the correction of the debt balance, but as it is sold to the purchaser, it becomes a gain. So I want to understand the impact on this on your financial statements and cash flow going.
Hi, Herman. The torna, I will let Wanderley handle that. Let me give you a concept. There is one point just of an adjustment in what you questioned. In relation to our joint venture with Ricardo Valadares Gontijo from Direcional, it is going very well, nothing different than that which was planned. The launches, which are foreseen four, have already happened.
Two in Recife, one in Natal and one in Fortaleza. This year we already have launches in Maceió and in Salvador. They are being very well run. They are ready. It is just waiting for the permission to construction to get rid of the IR, which should happen in the next 60 days. In Salvador, it should also happen in the mayor's office waiting for approval. So we have one more in Fortaleza. They are all going forward in a good rhythm. This participation, depends on what it will be with Ún1ca, is running about BRL 700 million or BRL 800 million. It will happen. We have nothing different than the plans for the next year. We closed our property here in Jaboatão. We closed a little property in Fortaleza, in Aracaju, and in Salvador. So we are expanding that which we agreed to in our meeting.
It is basically that, to continue with the discipline that we have always had. The boring part of being predictable is what we are proud of. Just to explain in detail, but basically it is the following. Whatever is financial revenue from torna, we do not realize it until it happens. But Wanderley can give you the details.
Thank you, Herman, for the question. Just to lead the two questions and separate the two things. One, the correction that we had in this quarter has nothing to do with the anticipation, which you dealt with receivables from our portfolio. What we have in the way of correction in the index in this quarter is from the torna that we have on our balance sheet, which is corrected by INCC, and due to the dynamic of accounting, this does not go as gross revenue.
It goes as financial results, as if we were financing the condominium in the accounting vision. In this case, it went up. The number went up due to the size of the receivables, which has been growing. The economic value grew quite a bit, so it is natural that this should also grow. And if you had this year an impact of the INCC in this last quarter, which was higher than average, and so this also contributed for this line to come in higher. In relation to the operation that we have done, how is it going to happen? You have a difference between the amount of the receivable and what you anticipated, and this has been recognized by financial results.
Very clear. Still. Next comes from Safra, Olavo. Your microphone is open. Please make your question.
Okay, thank you for the space. I have two from here on the side. One is on the point of sale. As he said, I wanted to understand how things have been. One of the projects that you launched, which is new for Direcional, to understand that if you see a dynamic that is different for this place. And in second place, I want to do an update on the engineering and production. The production that you have more than 40 under construction right now underway. Have you seen any problems to look at the period of the principal offender, or look at the question of mão de obra?
Direcional is no longer with us. All these products together with. We sold 60 apartments up until now. A good performance of sales, three towers. And with the first tower that we passed 80%, it is a good number for the commercialization. In Fortaleza, it is the same. The month of July and August is doing very well. We have no points of attention. The 10% because it was in the period of June. Remembering that there was a cup. I do not have any concern in relation to the demand for the projects of Ún1ca and Direcional, again, in the curve of what was foreseen.
The second part of your question was about on the obras of this condominium, these projects were conceived previously for about 42- 48 months. We decided to lengthen this to 60 months for several reasons. Among them, the most sophisticated ones, to dilute this thing, and we have done it this way. These are larger projects. The dynamic today for productivity is no longer what it was, which was 5 or 10 years ago. Basically, we are curious.
We did an event called Travesse with all the leadership and engineering team in which we have invested a great deal in the industrialization of this project, even with the more day projects in garage structures, drywall, all these kinds of things. We're using all of these apartments, the largest part of the finishing, because the people have been breaking the personalization and their desire, and so forth, have been doing this adjustment. At the end of the day, the major part of our projects, we have not had any problem with work period. What we see today is a one-time problem with what we have been developing. In Recife, there's a retrofit which was more complex than what we imagined. The condominium has no limit. We're the administrator of that construction. We're not the developer who sold the apartment.
These closed sales can include in the Lucsim and the majority who didn't have sales, if you don't have closed any sales that are closed. It's not a concern for us. I would say in relation to labor and the periods in the company, this is the ending. We have everything. The majority of these timelines are set up for longer periods of time compared to what we launched. These difficulties that we've had, we delivered or are delivering. So up until the condominium model helped the company to do better because it didn't have this limitation of time period.
There are two incorporations, two developments of high level in the past, which we launched in 2022, which are going to be delivered now in this period, which bring a 6-month period in the contract period of the client, and we have done all of the communication anticipated informing them of this period. We don't expose ourselves to this since 2022, which seems like we anticipate a difficulty of launching an incorporation, a high-level incorporation in high projects to be done in 30 or 36 months. We imagine not only because of that, but also due to the question of the exposure to leverage. It didn't make any sense in return on capital. Part of the results is to protect the company. I hope I've answered your question. I hope we covered your question.
Very well, Villar.
Okay.
The next question comes from Igor Otero from CISP.
Igor, you're--
We've seen in higher leverage and higher interest rates for families in the condominiums and differently from São Paulo, where we have seen a very challenging number. But we could see a little bit of how your head is in relation to as your mentality in relation to in the end game in terms of size Do you think you can continue maintaining the same rhythm in the recent years? What can we expect? The operation in all of these segments is very well-oiled, and we understand what you see today as a bottleneck, just these points.
Okay, Diego, I'll be with you next in XP, in XP at your conference next year. It'll be a pleasure to see you then. In fact, São Paulo has-- Our region has a dynamic which is different. It wasn't so overoffered like São Paulo. The companies mentioned that.
This sets expectation of the companies that are with capital, that are not publicly held. They have difficulty of the market to absorb all of this. The dynamic of launches, which is not us, not necessarily projects. You can do one, and the scale is much more difficult. We didn't suffer the same level of competition that we saw, as Cyrela and EZTec and the other big developers in São Paulo have been suffering, even similarities in structure and financial capacity and execution of these projects. This favors Moura Dubeux for a long time due to our performance of VSO.
We're orbiting about 10 percentage points, 8-10 percentage points of VSO above the listed in the—simplifies, as I mentioned to you here, in relation to the balancing of the condominiums going forward, the several months that I, Barral, Wanderley, have been speaking with you, that Moura Dubeux has been in above launches. But when we look at the medium to long term, we bring this closer to BRL 2.5 billion of launches because I have two concerns. I've been showing this to you for a while, and we maintain the stability growth of Ún1ca and Mood, which are the first, in fact, the demands in a company with interest rates that are so high and the level of BRL 4 billion, if it's healthy.
I feel very comfortable in 14, as we performed in the average in Recife, we bring inflation and only bring a SIP in Salvador. The change in demand and going to the whole Northeast in this regime is the least we can expect from Moura Dubeux. The data that we have today of the sales velocity of the projects and the acceptance and performance don't lead us to reduce anything. We reduce is also a question, an operational question. I said several times, in the regime of Moura Dubeux, Ún1ca, which is a much more repetitive system, a system that's much more industrialized than the way we've been performing. This is something else that takes us to look at the screen in this balancing of the company.
Resuming everything that I said, summarizing everything in the performance of the company, and based on the expectation of what I have looking forward is we should expect that to continue. It's a company of BRL 5 billion-BRL 5.5 billion, more exposed for Mood and Ún1ca than in the condominiums model itself. This is lined up for the next 2 or 3 years. Again, next year, you'll see some of that as we present the operational data of the company. In case we have the opportunity to demand a project for a higher level of profitability, and we feel very comfortable, operationally, we may do more than BRL 2.5 billion, possibly reaching a size BRL 3.5 billion.
Okay. That's clear. Thank you very much.
Okay, so we're now closing our questions and answers question due to time.
Thank you for your presence, and the IR team is at your service for any questions. Villar, anything else?
All the discipline of the team, your projects and business plans are stockholders, each one of you, who sell the company or put your capital to its own stockholders for our company. We work hard here in the company to be able to surprise you with what we promise and to guide you at what we're able to do, and we've been doing that. We have nothing that guides us a way to do anything differently. My commitment to you is that if the winds change in any way or stop blowing, but in this case, we're very confident with the results that we're bringing you during the year.
We're very attentive and cautious with the economic dynamic and the results of the elections or the turbulence which we may go through. We'll be irresponsible with the launch of products which we have some risk of execution, whether it be commercialization or labor. Don't worry about that. Without doubt, it's a call which I've been promising to you. Thank you all very much. A good Thursday to everyone and a good weekend to you all. I repeat our confidence in that you will continue believing in the company and the confidence in us, and we're doing our best.